UPDATE 1-Calumet Specialty posts surprise Q1 loss, shares tank

* Q1 shr loss $0.36 vs est profit $0.37

* Q1 sales up 17 pct, misses Street

* Says hurt by weak refining crack spreads in Q1

* Shares down as much as 22 pct

May 5 (BestGrowthStock) – Specialty hydrocarbon products maker
Calumet Specialty Products Partners L.P. (CLMT.O: ) posted a
surprise first quarter loss, hurt by lower production, sending
its shares down as much as 22 percent in early morning trade.

The company reported reduced production rates in the
quarter due to weak refining crack spreads, but said it expects
to increase production rates at all its facilities during the
second quarter.

For the latest first quarter, net loss was $13.1 million,
or 36 cents a unit, compared with a profit of $75.6 million, or
$2.30 a unit, last year.

Quarterly sales for the quarter rose 17 percent to $484.6
million, mainly hurt by lower sales volumes at its fuel
products segment.

Analysts, on average, expected the company to post earnings
of 37 cents a share, excluding items, on revenue of $609.26
million, according to Thomson Reuters I/B/E/S.

Units of the company plunged to a low of $16.60 earlier in
the day, before recouping some losses to trade down 14 percent
at $18.26 Wednesday morning on Nasdaq.

Stock Market Basics

(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by
Roshni Menon)

UPDATE 1-Calumet Specialty posts surprise Q1 loss, shares tank